S&P 500 Lower Breaks 4 Day Winning Streak

S&P 500 Futures---The S&P 500 in the December contract is breaking a 4 day winning streak down 5 points at 3113 blamed on profit taking in a very quiet trade in Chicago this Monday afternoon. The volatility at the current time is relatively low especially at these elevated prices as this market continually grinds higher on a weekly basis as I still think there is room to run to the upside.

I have been recommending a bullish position from around the 3006 level and if you took that trade continue to place the stop loss under the 10-day low standing at 3063 as an exit strategy, however in Wednesday's trade that will be raised to 3070 as the chart structure is improving on a daily basis therefor the monetary risk will also be reduced.

The S&P 500 is trading far above its 20 and 100 day moving average as the trend remains strong to the upside as money flows continue to come into U.S equities as this is the only game in town in my opinion as the bond market and European stocks are not experiencing the gains that we are witnessing in this sector so stay long and continue to place the proper stop loss as my next target is the 3200 level which I think can be touched by Christmas time.




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